Bharti Airtel (₹1,615.10)
About to break out
Bharti Airtel’s stock has been trading in a narrow range for nearly a month. It has been oscillating between ₹1,570 and ₹1,625. Nevertheless, the broader trend is bullish and the stock retains a positive outlook despite some weakness seen since October last year. We anticipate a breakout of ₹1,625 soon, which can bring back the bullish momentum.
In such a case, the price can rise to ₹1,770 in the near-term. So, we suggest buying the shares of Bharti Airtel now at ₹1,615 and accumulate if the price dips to ₹1,570. Place initial stop-loss at ₹1,500. When the stock rises to ₹1,680, raise the stop-loss to ₹1,600. Trail the stop-loss up to ₹1,680 when the price touches ₹1,720. Exit at ₹1,770.
Dabur India (₹517.80)
Hovering around a strong base
The stock of Dabur India slumped between September and mid-November last year. The price tumbled from about ₹670 to ₹500. But then, it stabilised and started to chart a sideways trend between ₹500 and ₹530. Notably, ₹500 is a long-term support, which has been in place since 2021.
So, bulls might capitalise on this and are expected to lift the stock above ₹530 soon and take it to ₹600. The uptrend might even extend to ₹650. So, participants can go long on Dabur India at ₹515 with a stop-loss at ₹480. When the price goes up to ₹550, revise the stop-loss to ₹520. Tighten the stop-loss to ₹550 when the stock hits ₹575. Liquidate the longs at ₹600.
Schaeffler India (₹3,324.65)
Trades at a demand zone
The stock of Schaeffler India has been in a downtrend since June last year after encountering a resistance at ₹4,950. Since then, it has lost over 30 per cent. However, the contract is now near a support. The price band of ₹3,200-3,300 is a good demand zone. We expect the stock to recover on the back of this price region.
Over the next few months, the price might gradually appreciate to ₹4,200. Note that, on its way up, there might be minor corrections due to the presence of resistances at ₹3,700 and ₹3,830. Buy at ₹3,325 and on a dip to ₹3,250. Stop-loss can be at ₹3,150. When the price hits ₹3,700, revise the stop-loss to ₹3,400. On a rally to ₹3,830, alter the stop-loss to ₹3,650. Exit at ₹4,200.